Chinas Sungrow has released data revealing that the company received orders for up to 5.89 GW of inverters in 2014.
Of that figure, 4.23 GW have already been shipped, with the vast majority 3.8 GW shipped within China, Sungrows domestic market. Globally the company shipped 430 MW of inverters last year, making it Chinas largest exporter of inverters and also the dominant domestic supplier.
Domestic growth last year rose 10% on 2013, while 70% of Sungrows exports went to ten leading solar countries, such as Germany, Italy, Australia and Spain. Sungrow confirmed that the markets of the U.S., Thailand, Turkey and Chile experienced rapid growth in 2014.
Sungrows string-inverters proved the most popular export product, with strong demand in leading European markets and a growing interest from Japan, which has traditionally had a high technical threshold that had previously made it difficult for Sungrow to enter the market there.
"In 2014, over half of Sungrows total exported goods were string inverters," said Sungrow founder and CEO, Cao Renxian. "We gave seen huge interest in particular for the 60 kW inverters, which we believe is down to their excellent efficiency and reliability."
Last week, analysts IHS forecast that Japan and the U.S. would drive the inverter supplier markets this year and next, accounting for 25% and 21% of global shipments respectively over the next two years, whereas Chinas share is set to diminish.
"Despite China being the largest market in terms of shipment volume, low prices and extremely challenging business conditions have made it a lower focus for global suppliers, with this market accounting for just 14% of 2015 and 2016 global revenues in comparison," said the IHS report.
Speaking to pv magazine, Sungrow VP of international sales, William Zhou, remarked that the companys revenue increased by more than 50% year-on-year in 2014, adding that the companys market share domestically is approximately 35% of the Chinese market, but Zhou admitted that it will be "hard to grow that share further", hinting instead at a greater focus on internationalization in 2015 and beyond.
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